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http://spaces.covers.com/blog/blog....kers-to-vote-on-suspending-the-UIGEA.html&t=0
Things are about to get very interesting on the Hill.
Tomorrow, June 24, should see a scheduled vote by the US House Committee on Financial Services regarding H.R. 5767. Specifically, that bill is Barney Frank's legislation to effectively suspend the UIGEA from ever being enforced.
So, what does this mean?
Well, Democrat Barney Frank sponsored the bill and is also the Chairman of the Committee, so that's a good sign. The bill was co-sponsored by Republican presidential candidate Ron Paul, who also sits on the committee - another good sign. As well, the number of Democrats on the committee outnumbers the Republicans.
So, all things considered, one would have to think that this bill has a pretty good chance of passing through this vote.
But what then?
That's when things get cloudy because this vote, for all the promise it brings for the dismissal of the UIGEA, is really pretty preliminary. A positive vote by a committee, even a committee as powerful as this one, is by no means a guarantee that a bill will become law.
Many a bill has been passed by House committees and never ever saw an overall House vote, let alone become a law.
Of particular mention are the numerous anti-online gambling bills introduced by Jon Kyl over the years. There was a period between 1996 and 2004 when Kyl or one of his dunderheaded colleagues would regularly have their anti-gambling bills rubber stamped by this same committee (then Republican dominated) only to see them rarely actually proceed to the floor for a significant up-or-down vote before the end of the current session in Congress or the Senate.
So is tommorrow's vote important? Yes.
Is it worth celebrating a win? Kinda.
Should you expect a lot of immediate changes? No.
That being said, a positive vote tomorrow would go a long way toward encouraging zealous law enforcement officials to back off from pressuring banks and companies to begin implementing required UIGEA changes. So get used to the status-quo.
It might also encourage more foreign banks to begin to at least consider re-evaluating their position on online gambling transactions, but that is a lot less likely.
But if you (hopefully) combine a positive vote on Tuesday with the increased pressure from the EU over America's illegal trade barrier against foreign online gambling companies, and suddenly there is a perfect storm of momentum growing both against the UIGEA and for the legalization /regulation of online gambling in America.
That can only be good.
Things are about to get very interesting on the Hill.
Tomorrow, June 24, should see a scheduled vote by the US House Committee on Financial Services regarding H.R. 5767. Specifically, that bill is Barney Frank's legislation to effectively suspend the UIGEA from ever being enforced.
So, what does this mean?
Well, Democrat Barney Frank sponsored the bill and is also the Chairman of the Committee, so that's a good sign. The bill was co-sponsored by Republican presidential candidate Ron Paul, who also sits on the committee - another good sign. As well, the number of Democrats on the committee outnumbers the Republicans.
So, all things considered, one would have to think that this bill has a pretty good chance of passing through this vote.
But what then?
That's when things get cloudy because this vote, for all the promise it brings for the dismissal of the UIGEA, is really pretty preliminary. A positive vote by a committee, even a committee as powerful as this one, is by no means a guarantee that a bill will become law.
Many a bill has been passed by House committees and never ever saw an overall House vote, let alone become a law.
Of particular mention are the numerous anti-online gambling bills introduced by Jon Kyl over the years. There was a period between 1996 and 2004 when Kyl or one of his dunderheaded colleagues would regularly have their anti-gambling bills rubber stamped by this same committee (then Republican dominated) only to see them rarely actually proceed to the floor for a significant up-or-down vote before the end of the current session in Congress or the Senate.
So is tommorrow's vote important? Yes.
Is it worth celebrating a win? Kinda.
Should you expect a lot of immediate changes? No.
That being said, a positive vote tomorrow would go a long way toward encouraging zealous law enforcement officials to back off from pressuring banks and companies to begin implementing required UIGEA changes. So get used to the status-quo.
It might also encourage more foreign banks to begin to at least consider re-evaluating their position on online gambling transactions, but that is a lot less likely.
But if you (hopefully) combine a positive vote on Tuesday with the increased pressure from the EU over America's illegal trade barrier against foreign online gambling companies, and suddenly there is a perfect storm of momentum growing both against the UIGEA and for the legalization /regulation of online gambling in America.
That can only be good.
ace